DALIAN, China, Aug. 10 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTC Bulletin Board: CIWT) ("China Industrial Waste Management" or the "Company"), a PRC-based industrial waste processor and provider of environmental protection, pollution treatment and waste management design services, announced today that it has completed the trial production of the first 6 fermentation tanks for sludge treatment, a municipal Build-Operate-Transfer ("BOT") project in Dalian. Results of the trial production show that the facility can generate stable biogas as well.
Once completed, there will be 12 fermentation tanks in operation. The designed capacity of this BOT project is 600 tons per day for sludge treatment, and 25,000-30,000 cubic meters per day for biogas generation. Beginning July 2009, the first 6 tanks were tested and are ready for use.
With a total investment of $18 million, 30% of the project will be funded by the Dongtai Organic Waste Treatment Co., Ltd. and the other 70% will be funded via bank loans. The success of the trial operation of the initial 6 fermentation tanks means the Lipp tanks, which have anaerobic digestion as their core technology, have realized the Company'AAAApectations. The company has undertaken the task of municipal sludge emergency treatment for Dalian City. The Municipal government will pay off the emergency treatment fees soon.
"We are excited that we have completed trial production of the first 6 tanks while the remaining ones are still in test phase and are expected to be put into full operation in October," said Mr. Jinqing Dong, the Company's Chief Executive Officer. "By then, we should be able to further diversify our revenue streams."
The Company has also actively participated in municipal sludge treatment planning beyond the city of Dalian. The success of this first project should enhance the Company's credibility when bidding for new business.
About China Industrial Waste Management, Inc.
China Industrial Waste Management, Inc. is engaged in the collection, treatment, disposal and recycling of industrial wastes principally in Dalian and surrounding areas in Liaoning Province, People's Republic of China through its 90%-owned subsidiary Dalian Dongtai Industrial Waste Treatment Co., Ltd. ("Dongtai") and other indirect subsidiaries. Dongtai treats, disposes of and/or recycles many types of industrial wastes, and recycled waste products used by customers as raw material to produce chemical and metallurgy products. In addition, Dongtai treats or disposes of industrial waste through incineration, burial or water treatment, and provides environmental protection services, technology consultation, pollution treatment services, waste management design processing services, waste disposal solutions, waste transportation services, onsite waste management services, and environmental pollution remediation services. For more information, please visit: http://www.chinaciwt.com .
Cautionary Statement Regarding Forward-Looking Information
This release may include "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain such words as "may," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, our actual performance may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission: the timing and magnitude of technological advances; the prospects for future acquisitions; the effects of political, economic and social uncertainties regarding the governmental, economic and political circumstances in the People's Republic of China, the possibility that a current customer could be acquired or otherwise be affected by a future event that would diminish their waste management requirements; the competition in the waste management industry and the impact of such competition on pricing, revenues and margins; uncertainties surrounding budget reductions or changes in funding priorities of existing government programs and the cost of attracting and retaining highly skilled personnel; our projected sales, profitability, and cash flows; our growth strategies; anticipated trends in our industries; our future financing plans; and our anticipated needs for working capital. Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
For more information, please contact:
Ms. Guo Xin, CFO
Mr. Zhang Dazhi, Company Secretary
CCG Investor Relations:
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: firstname.lastname@example.org , or
Mr. Gary Chin
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